Is it okay to use VOLTAGE TRANSFORMER STEP-DOWN (220v to 120v) when you hold 110v?

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Sure that's fine. Just don't exceed the amperage/current limit of the transformer to the nouns you are connecting to the 110v outlet.
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110-120-125 all the same. 108-not.

BUt I am not sure we really follow your question..
Could you give rather more detail??
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Answers:    That stepdown transformer cuts the voltage in about partially. If you put 110v into it, it will drop it to about 55v.
However if you mean you procure 110v out of it, then that output will be OK for 117 volt devices. How about frequency? 50 or 60 Hz? Does the device you want to run supervision about frequency?